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One of the areas due to be examined in the September 2023 Advanced Tax exams is Personal Service Companies. Many freelancers invoice their end clients through their companies and benefit from the lower rates on dividends compared to salaries. IR35 holds PSCs...

The ACCA Advanced Tax exam is one of the only closed book high-level exams on UK tax. Advanced Tax Condensed distils the vast technical material of the ACCA subject with the largest syllabus into about 150 brightly coloured mind maps. The Kaplan study manual has 1142...

When reading exam questions, it is important to allow yourself to think so you can understand where the question is going. If you are able to see the ‘destination’ the examiner is heading to, it becomes easier to anticipate the tax implications. One popular area in...

Pensions are a popular area in the tax exams. An individual can either contribute into an occupational pension scheme or a personal pension scheme. The maximum contributions each tax year are based on relevant earnings which consist of employment income, self-employed...

Commercial buildings constructed after 1 April 2020 are eligible for a structural buildings allowance (SBA) of 3% straight line each year. The tax life of the building is fixed at 33 and a third years. The SBA is available on the building cost and cannot be claimed on...

One important area which is due to come up in the Advanced Tax in September or December 2023 exam is advising a company on setting up either an overseas branch or an overseas subsidiary. The branch would be an extension of the UK company and its profits would be...

The tax-free amounts for investment income are very popular areas in all the tax exams including both Tax Advanced Tax. With regard to saving income (interest received) the nil rate band is dependent on the rate of tax the individual pays. Basic rate taxpayers who pay...

In 2016 I taught Kap Advanced Tax and I immediately realised that he was an intelligent hard-working student. He liked my no-nonsense approach, and he liked my philosophy of learning the key principles and practising exam questions. It came as no surprise to me...

VAT Deregistration is a popular area in the Advanced Tax exam. A VAT registered business can deregister voluntarily if the business expects taxable supplies (standard and zero-rated sales) in the next 12 months to be less than £83,000. Deregistration will take effect...

Sole trader trading losses are a popular area in the Tax and Advanced Tax exams. The trading loss must first be offset against total income in either the current tax year and the previous tax year. The claim is an all or nothing relief and cannot be restricted to...